The seasonally adjusted pace of existing-home sales in the U.S. increased 1.3 percent from March to April, the first increase in 2014. That being said, the pace of sales remains 6.8 percent lower on a year-over-year basis while inventory is running 6.0 percent higher, year-over-year.

The pace of existing-home sales in the West rose 4.9 percent from March to April but remains 10.0 percent lower year-over-year.